RIYADH — Gulf Cooperation Council countries are studying the establishment of joint oil and gas pipeline networks as part of broader efforts to strengthen regional economic security, improve supply chain resilience and enhance integration among member states.
The initiative was discussed during the ninth meeting of the Permanent Preparatory Committee at the ministerial level for the GCC Economic and Development Affairs Authority, held virtually on Thursday.
The meeting was chaired by Bahraini Minister of Finance and National Economy Sheikh Salman bin Khalifa Al Khalifa, who currently heads the GCC Financial and Economic Cooperation Committee, with the participation of finance and economy ministers from GCC member states.
Secretary-General of the Gulf Cooperation Council Jasem Albudaiwi said recent regional developments require stronger Gulf coordination and economic integration to boost collective preparedness in facing challenges and safeguarding vital sectors, markets and supply chains.
Albudaiwi said GCC leaders, during their 19th consultative meeting, stressed the need to accelerate the implementation of joint Gulf projects, particularly in transport and logistics.
He noted that the discussions included speeding up the GCC railway project, strengthening the regional electricity interconnection network, studying oil and gas pipeline projects, advancing the GCC water interconnection project, and continuing studies on creating strategic Gulf reserve storage zones while taking central bank liquidity reserves into consideration.
The GCC secretary-general said such projects are essential to enhancing the bloc’s ability to absorb shocks and ensure the continued flow of goods and services, thereby strengthening the region’s shared economic security.
Albudaiwi added that the meeting also followed up on directives issued during the committee’s seventh session regarding the preparation of a framework defining the committee’s ministerial responsibilities and enhancing its role in supporting GCC economic and development policies.
He said the effort aims to strengthen coordination on priority economic and development issues and complete strategic initiatives that support the GCC’s collective capabilities amid rapidly changing regional and global conditions.
Source: Saudi Gazette